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Grey River Argus, Volume X, Issue 867, 8 May 1871, Page 2

The news by the mail via California contains one item of special interest to New Zealand colonists. It is announced that the Hon. Julius Voge!, the Colonial Treasurer of New Zealand had telegraphed the " very successful " negotiation of the guaranteed New Zealand loan. The " success " appears to consist in the sale of of debentures at £05 10s. If getting money at any price means success, Mr Yogel has certainly achieved it, but what is the price 1 Four pounds ten discount on each debenture guaranteed by the Imperial Government, bearing interest at five per cent ! We have al] along been told that the Imperial guarantee would sare the colony many thousands a jear in interest, on account of the premium which the loan would bear, as compared with the ordinary loans of ™c colony. But according to the telegram of Mr Vogcl it is counted a great success to have sold the debentures which ought to hare borne a premium, at U per cent discount ! Truly we live in wonderful times. The guaranteed colonial loan at five per cent., was surely worlh as much as the ordinary consolidated loan of the Colony, which, at the last quotation was over par. No doubt the demand for money in London just now is large, aud we could have felt uo surprise at any unguaranteed loan bein^ sold at a low price, but with the three per cent, consols at 92 the New Zealand Guaranteed loan should have commanded a premium. But what is the use of criticising a gambling policy by ordinary Blaudards ? Mr Vogol, contrary to the wish of his colleagues, persisted in going to London, and as he was there, could not avoid doing something for the expense his visit will cost. He had to obtain money somehow, and he has got it at a price. To our minds the "success" which the Colonial Treasurer assumes to have achieved ia nothing short of a disgrace. The best of it is that very littl«, if any of the £1,200,000 will be available for .appropriation by the Assembly. If there is any truth in the rumors that have emanated from the seat of Government, most of the money has already been expended or mortgaged. But as we have said, we live in wonderful times, and nothing that the present Ministry may do can now astonish the Colony